Japanese auto parts provider Denso Corp prepares to invest $1 billion in its Maryville, Tennessee plant for making vehicle electrification and safety systems, generating around 1,000 jobs.
This is the most recent in a series of announcements from automakers hurrying to bring a great deal of electric vehicle models to market in the near future.
Policymakers in crucial markets such as China are pressing a transition to electric cars from internal combustion engines for the next 2 to 3 years, where as fairly new competitor Tesla is gaining momentum, pressuring standard automakers to crank up preparations for completely electric vehicles.
Denso stated the investment would expand multiple assembly line at the facility to produce sophisticated safety, connectivity and electrification products for hybrid and electric vehicles. The new jobs will consist of production employees, service technicians and engineers.
“We are seeing remarkable shifts in the role of transportation in society, and this investment will help place us to meet those changing needs,” stated Kenichiro Ito, chairman of Denso’s North American board.
In 2015 the auto supplier announced a $400 million investment in Maryville and generating 500 jobs.
Recently, Toyota Motor revealed a joint venture with partner Mazda Motor to develop electric car technology. Toyota is going to take a 90 percent stake in the joint venture where as Mazda and Denso, Toyota’s most significant supplier, will each take 5 percent.